The alternative minimum tax (AMT) is computed as the:
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1 .Which of the following is not a refundable tax credit?
A Excess social security paid. B Earned income credit. C Child tax credit. D Retirement savings contribution credit.
2 .An employee who has had social security tax withheld in an amount greater than the maximum for a particular year, may claim:
A The excess as a credit against income tax, if that excess resulted from correct withholding by two or more employers. B Reimbursement of such excess from his employers, if that excess resulted from correct withholding by two or more employers. C Such excess as either a credit or an itemized deduct...
3 .Don Mills, a single taxpayer, had $70,000 in taxable income before personal exemptions in the current year. Mills had no tax preferences. His itemized deductions were as follows:State and local income taxes$5,000Home mortgage interest on loan to acquire residence6,000Miscellaneous deductions that exceed 2% of adjusted gross income2,000What amount did Mills report as alternative minimum taxable income before the AMT exemption?
A USD72,000 B USD83,000 C USD75,000 D USD77,000
4 .Alternative minimum tax preferences include:I. Tax exempt interest from private activity bondsII. Charitable contributions of appreciated capital gain property
A Neither I nor II. B I only. C II only. D Both I and II.
5 .The credit for prior year alternative minimum tax liability may be carried:
A Back to the 3 preceding years. B Back to the 3 preceding years or carried forward for a maximum of 5 years. C Forward for a maximum of 5 years. D Forward indefinitely.
7 .Robert had current-year adjusted gross income of USD100,000 and potential itemized deductions as follows:Medical expenses (before percentage limitations)USD12,000State income taxes4,000Real estate taxes3,500Qualified housing and residence mortgage interest10,000Home equity mortgage interest (used to consolidate personal debts)4,500Charitable contributions (cash)5,000What are Robert's itemized deductions for alternative minimum tax?
A USD21,500 B USD19,500 C USD25,500 D USD17,000
8 .Farr, an unmarried taxpayer, had USD70,000 of adjusted gross income and the following deductions for regular income tax purposes:Home mortgage interest on a loan to acquire a principal residenceUSD11,000Miscellaneous itemized deductions above the threshold limitation2,000What are Farr's total allowable itemized deductions for computing alternative minimum taxable income?
A USD0 B USD11,000 C USD13,000 D USD2,000
9 .Which of the following is not an adjustment or preference to arrive at alternative minimum taxable income?
A Individual taxpayer net operating losses. B Passive activity losses. C Deductible medical expenses. D Deductible contributions to individual retirement accounts.
10 .On their joint tax return, Sam and Joann, who are both over age 65, had adjusted gross income (AGI) of USD150,000 and claimed the following itemized deductions:Interest of USD15,000 on a USD100,000 home equity loan to purchase a motor homeReal estate tax and state income taxes of USD18,000Unreimbursed medical expenses of USD15,000 (prior to AGI limitation)Miscellaneous itemized deductions of USD5,000 (prior to AGI limitation)Based on these deductions, what would be the amount of AMT add-back adjustment in computing alternative minimum taxable income?
A USD 23,750 B USD 35,000 C USD 38,750 D USD 21,750
